Why Jim Lebenthal Thinks This Upcoming Catalyst (Not Earnings) Could Move Disney

Walt Disney Co DIS is set to announce its fiscal fourth-quarter financial results after Wednesday's close.

"I think the price of Disney right now is a price that if you don't own it, this is a good spot at which to own it," Cerity Partners' Jim Lebenthal said Wednesday on CNBC.

Lebenthal thinks prospective investors can buy the stock ahead of earnings because he doesn't expect the stock to move much on the report.

"Disney is a long-term hold for me. I think it's a fabulous company, but this particular earnings report has been de-risked, if you will, by (Disney CEO) Bob Chapek's comments about six weeks ago about streaming subscriber additions being choppy during the quarter," he said.

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Although Lebenthal doesn't expect the earnings to impact the price of Disney's stock, he pointed to the company's upcoming Disney+ analyst day as a possible catalyst.

During Disney’s third-quarter earnings call, Chapek announced a company-wide event would be held on Nov. 12 for "Disney+ Day," which also marks the streaming service’s second anniversary.

Last year, "Disney+ Day" was a "huge catalyst for the company," according to Lebenthal.

"The bottom line is this: if you don't own Disney, you should. This is a good price to own it, but don't expect fireworks from the quarter."

DIS Price Action: Disney has traded as high as $203.02 and as low as $134.10 over a 52-week period.

The stock was up 0.13% at $175.33 at time of publication.

Photo: Pexels from Pixabay.